Cost-of-Living Adjustment (COLA) Coming in September

This COLA is a permanent annual increase to your retirement benefit. It is based on the cost-of-living index and is designed to address inflation.

How COLA is
Determined

COLA payments, subject to certain limitations, equal 50
percent of the previous year’s inflation rate, but are never less than 1
percent or more than 3 percent of your benefit. The adjustment is applied to
the first $18,000 of your Single Life Allowance, even if you selected a
different option. Once COLA payments begin, you will receive an increase to
your monthly benefit each September.

The September 2019 COLA equals 1 percent, for a maximum annual increase of $180.00, or $15.00 per month before taxes.

Who is
Eligible for a COLA?

To begin receiving COLA payments, you must be:

Age 62 or older and retired for five or more
years; or

Age 55 or older and retired for ten or more
years (uniformed employees such as police officers, firefighters and correction
officers covered by a special plan that allows for retirement, regardless of
age, after a specific number of years); or

A disability retiree for five years; or

The spouse of a deceased retiree receiving a
lifetime benefit under an option elected by the retiree. An eligible spouse is
entitled to one-half the COLA amount that would have been paid to the eligible retiree
when the retiree would have met COLA eligibility; or

A beneficiary receiving the accidental death
benefit for five or more years on behalf of a deceased Retirement System
member.

When Will You See the Increase?

Eligible retirees will see the first 2019 COLA payment in their September pension payment. It will be available to those with direct deposit on September 27, 2019. If you receive a paper check, the COLA will be included in the check to be mailed September 30, 2019.

If you are not eligible yet, you will receive your first COLA increase in the month after you become eligible. This payment will include a prorated amount to cover the month you became eligible. After that, you will receive a COLA increase each September.

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Social Security disability does not determine your eligibility for a COLA from NYSLRS. Any COLA that you would receive from NYSLRS would be based on your NYSLRS pension benefit.
For more information about NYSLRS COLA eligibility, please visit our COLA page.